Washington Trust Bancorp (NASDAQ:WASH) Lowered to “Sell” Rating by StockNews.com

StockNews.com lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research report report published on Saturday.

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and raised their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $29.58 on Friday. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week high of $40.59. The company has a fifty day simple moving average of $34.87 and a two-hundred day simple moving average of $32.37. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The company has a market cap of $569.62 million, a price-to-earnings ratio of 11.08 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. The firm had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same period in the previous year, the firm posted $0.65 EPS. As a group, equities analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 7.57%. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in shares of Washington Trust Bancorp by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after buying an additional 1,996 shares during the last quarter. Rhumbline Advisers lifted its position in Washington Trust Bancorp by 2.2% in the second quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 618 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Washington Trust Bancorp by 5.9% in the second quarter. Victory Capital Management Inc. now owns 20,100 shares of the financial services provider’s stock valued at $551,000 after acquiring an additional 1,118 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after purchasing an additional 40,122 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new stake in shares of Washington Trust Bancorp during the second quarter worth about $1,529,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.